Useful Information and Dates for Business Owners and Directors

Chris Rooke Management: Business advice and accountancy services for Lincoln, Lincolnshire

Budget Rates & Allowances

Budget Briefing – Useful Rates for 2010/2011
  2010/2011 2009/2010
Income Tax:  
Personal Allowance *
£6,475
£6,475
Personal Allowance 65+ **
£9,490
£9,490
Personal Allowance 75+ £9,640
£9,640
Married Couples 75+ £6,965
£6,965
20% Basic Rate £0-£37,400
£0-£37,400
40% Higher Rate £37,401
£37,401
50% Top Rate
£150,001
n/a

National Insurance:  
NI Lower Threshold £110 per week
£110 per week
Employee Contribution  
£110 to £844 per week 11.00%
11.00%
£844 per week + 1.00%
 1.00%
Employer Contribution  
£110 per week + 12.80%
 12.80%
 
Capital Gains Tax: £10,100
£10,100
Capital Gains Tax Flat Rate:
18.00% 18.00%
 
Inheritance Tax: £325,000
£325,000
 
Corporation Tax:  
Small Companies Rate 21.00%
21.00%
Full Rate 28.00%
28.00%
 
Capital Allowances:  
Small Companies Annual Investment  
Allowance up to £50,000 n/a 100.00%
Allowance up to £100,000
100.00%

Standard Rate on Plant & Machinery
20.00% 20.00%
 
Value Added Tax Thresholds:  
Registration £70,000
£68,000
Deregistration £68,000
£66,000
 
Approved Mileage Allowance Rates:  
Up to 10,000 Miles (Per Mile) 40p 40p
Over 10,000 Miles (Per Mile) 25p 25p

* Reduced by £1 for every £2 of income over £100,000 to potentially nil

** Reduced by £1 for every £2 of income over £22,900, but allowance cannot be reduced below personal allowance.

Useful Dates

As part of our commitment to all business owners and directors, it is important that they are familiar with the following dates. Late submissions for some of the below may incur fines from HMRC.

31st January 2011 - Self Assessment Tax Returns to be submitted
  - 1st payment due on account for self assessments
  - Any outstanding balances due on self assessments
31st March 2011
- HM Revenue and Customs Financial Year End
5th April 2011
- HM Revenue and Customs Tax Year End
19th May 2011 - P35/P14 (Payroll Year End) to be submitted
31st May 2011 - P60’s to be distributed to employees
6th July 2011 - Form P11D (Directors & Employees Benefits) to be submitted
19th July 2011 - Class 1a National Insurance due
31st July 2011 - 2nd payment due on account for self assessments

Corporation Tax - Due 9 months following company year end.
Company Accounts - Due to be filed at Companies House within 10 months of company year end.

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